Technically, the deal cost them less, because the purchase
represented an increase in Bank of America's investment in the
troubled California lender of about $2 billion.

So
Reuters estimates that buying Countrywide in January cost
BofA around $2.5 billion.

Wait until you see how much it really cost the
firm.

As you're surely aware, the deal has turned out to be a disaster.
Short story: The company "turned the American dream into a
nightmare for thousands of innocent borrowers," in
the words of Chuck Schumer. Countrywide's CEO Angelo
Mozilo was charged with fraud (he
settled) because his company, the largest mortgage lender,
underwrote so many of the toxic subprime loans that caused the
financial crisis, and he allegedly was aware of it all
along.

Now the owner of Countrywide, Bank of America, is in the process
of trying to settle lawsuits from investors in those subprime
loans, and meeting obstacle after obstacle. Dozens of investors
and the New York AG
have objected to a $8.5 billion settlement that would put
much of BofA's legal liability because of Countrywide behind it,
suggesting that expensive lawsuits will be in front of BofA for
some time to come.